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Every year Alibaba makes November 11 a huge event on the retail calendar by holding the world’s largest 24-hour online sale.

The event takes place on the Chinese “Singles’ Day” (the 11/11 date was chosen specifically because the 1s represent the "singles") holiday where people throw parties to meet new friends and potentially new partners. Since 2009, Alibaba has made the day its own with a deep-discounting flash sale, turning it into a landmark shopping bonanza that surpasses huge US shopping events like Black Friday, Cyber Monday and Thanksgiving Day in terms of online sales.

During a press conference held at Alibaba’s headquarters Tuesday (November 11) the president of Alibaba-owned Tmall.com, its business-to-consumer shopping website, also remarked that German sportswear retailer Adidas and Spanish clothing retailer Massimo Dutty were also “posting good numbers” just over halfway into the festival.